# Trilemma Indices: Excluding Financial Centers (LUX, IRL, HKG, SGP, CHE, NLD, BEL)

| Variable | MI (Full) | MI (Excl FC) | ERS (Full) | ERS (Excl FC) | FO (Full) | FO (Excl FC) |
|:---|---:|---:|---:|---:|---:|---:|
| Z_1 | 0.1383 | 0.0101 | 0.6348* | 0.8328** | 3.4152*** | 3.8566*** |
| | (0.2545) | (0.2559) | (0.3783) | (0.3821) | (0.4517) | (0.4578) |
| Z_2 | -0.0140 | 0.0023 | -0.0694 | -0.0942 | -0.5314*** | -0.5964*** |
| | (0.0388) | (0.0390) | (0.0577) | (0.0583) | (0.0696) | (0.0706) |
| Z_3 | 0.0003 | -0.0003 | 0.0020 | 0.0028 | 0.0221*** | 0.0247*** |
| | (0.0016) | (0.0016) | (0.0024) | (0.0024) | (0.0029) | (0.0029) |
| fiscal_bal_gdp | 0.0008 | 0.0007 | -0.0000 | 0.0002 | 0.0009 | 0.0009 |
| | (0.0006) | (0.0006) | (0.0009) | (0.0009) | (0.0007) | (0.0006) |
| nfa_gdp_lag | 0.0054 | 0.0032 | -0.0024 | -0.0006 | 0.0065 | 0.0051 |
| | (0.0049) | (0.0049) | (0.0068) | (0.0069) | (0.0057) | (0.0055) |
| rgdp_growth | 0.0003 | 0.0003 | 0.0007 | 0.0008 | 0.0001 | 0.0001 |
| | (0.0004) | (0.0004) | (0.0005) | (0.0005) | (0.0004) | (0.0003) |
| log_rel_opw | -0.0307*** | -0.0250*** | 0.0107 | 0.0022 | 0.0468*** | 0.0371** |
| | (0.0096) | (0.0096) | (0.0142) | (0.0143) | (0.0167) | (0.0167) |
| kaopen | -0.0167*** | -0.0157*** | 0.0402*** | 0.0374*** | | |
| | (0.0041) | (0.0041) | (0.0060) | (0.0061) | | |
|:---|---:|---:|---:|---:|---:|---:|
| N | 4101 | 3888 | 4482 | 4264 | 4658 | 4448 |
| R² | 0.1392 | 0.1161 | 0.0611 | 0.0720 | 0.1207 | 0.0812 |
| Countries | 143 | 137 | 148 | 142 | 153 | 147 |

*Panel GLS with country and year fixed effects. FC = financial centers (LUX, IRL, HKG, SGP, CHE, NLD, BEL). Standard errors in parentheses.*
*\*p<0.1, \*\*p<0.05, \*\*\*p<0.01*